New Delhi, Oct. 8 -- Banks usually charge a foreclosure fee if an individual wants to close their personal loan before the scheduled tenure. However, in some cases, an individual can get a complete waiver or a conditional waiver of the foreclosure fee.

In this article, we will discuss some banks/NBFCs that either don't charge a foreclosure fee or provide a conditional waiver on the foreclosure fee on personal loans.

A personal loan tenure usually ranges from 3 months to 7 years. When an individual wants to close the personal loan before its scheduled tenure by paying the outstanding amount, it is known as foreclosure. Banks/NBFCs charge a foreclosure fee, which is usually a specified percentage (usually 2 to 5%) of the outstanding perso...